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PSC to meet on Mahadeo’s Chairmanship
Former Chief Executive Officer of the Guyana Telephone and Telegraph Company (GT&T), Yog Mahadeo, who was recently elected Chairman of the Private Sector Commission (PSC) could lose his position if the PSC board that is set to meet next week Tuesday decides to relieve him of the Chairmanship.
Reports reveal that the PSC received numerous queries from members of the private sector regarding Mahadeo’s position as Chairman.
Chairman of Private Sector Commission (PSC) Yog Mahadeo
Mahadeo had noted during a recent press conference that GT&T had no objection to him representing the telephone company at the PSC.
The former GT&T CEO, hours after being elected as Chairman of the PSC on June 28, resigned from GT&T following an internal audit at the company.
This resulted in Mahadeo’s Chairmanship of the PSC coming under scrutiny. However, the PSC will determine whether there are grounds for Mahadeo to be removed as chair.
During a press conference at the Pegasus Hotel, Friday, Mahadeo disclosed that he will remain for a few weeks to hand over.
“Currently; the GT&T board has advised me that there has been some lapse of internal control. Since this has happened under my watch, and since I have always held true to my principles, I have taken the decision to step down from my role at the company and to resign from any post at GT&T,” Mahadeo stated.
Payments to several promoters, suppliers and marketing agencies have been blocked by GT&T in recent weeks to facilitate the audit. Several persons doing business with GT&T have also been questioned.
In the past 18 months, GT&T spent up to $1B on popular promotions including the Jingle and Song Competition, Ten/10 Softball, Gospel Concert, Colorfest and Feel The Beat, among others.
According to the outgoing CEO, in 2011 revenue grew, with the company hooking up 15,000 new mobile subscribers. Some 16,000 new DSL connections were also made.
GT&T, in a statement from Paul Bowersock, a member of the Board of Directors, on Friday said that the audit found that the actions of some individuals have been inconsistent with the company’s high ethical standards regarding internal business practices and conflicts of interest.
“Accordingly, the Board has decided it is in the best interest of the company to make some changes in personnel. The board has replaced our CFO, Royston Rachpaul, and three additional staff reporting to him.”
Guyana had 20 per cent shares in GT&T, shares that it has now sold to an Asian company. The rest is owned by Atlantic Tele Network, a US-based company.
Former CEO, Major General (rtd) Joe Singh has now been named Chairman of GT&T and will assume the role of acting CEO.
Former CEO, Sonita Jagan, will now be acting as the new Chief Financial Officer in place of Royston Rachpaul.
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